NEW YORK, Jan. 18, 2013 /PRNewswire-iReach/ -- We've all seen the home improvement shows on television, where a contractor shows a homeowner how to makes upgrades that will increase the value of their property. At the end of the program, the homeowner puts it on the market, all in hopes of making a profit on their home for sale. But television handymen aren't the only ones involved in the flipping game. In fact, it's become popular among investors around the country. Like they did prior to the housing market crash in 2007, people are once again gobbling up distressed properties that they believe have potential.

They purchase the home through a foreclosure or short sale, oftentimes at a price that is several thousand dollars less than what is owed on the mortgage, and then flip the property. (And these days, there are plenty of foreclosures and short sale properties to choose from! In fact, close to 25% of home sales around the U.S. are foreclosures!) After a few repairs, renovations, and upgrades, they re-list their recent purchase, in hopes of making a significant profit. But is the flipping game right for you?

Here's what you need to know: First off, you aren't the only one considering joining this booming business. In fact, according to real estate portal RealtyPin.com, the number of flips rose 25% nationwide in the first six months of 2012, when compared to the same time frame from the previous year. So, you'll have some competition for those distressed properties in your city!

Secondly, you'll also be competing against people who don't want to flip a home, but are simply looking for a new place to live. After all, record low interest rates and falling housing prices have enticed many would-be buyers to search the market for the perfect fit.

Most importantly, you'll have to work quickly. Even after you find the right home, and beat the other would-be buyers to punch, just purchasing a distressed property and waiting for the housing market to improve isn't enough these days. Economists say that's the main difference between flippers in the mid 2000's, who gave the term a bad name, and their counterparts today. Back then, investors looking to make a quick profit, swarmed in like vultures and bought as much inventory in a particular town as possible.

That won't work for today's flippers. With the housing market still on the mend, the only way you're going to make a significant profit on a flipping project is to actually flip the house -- and quickly. That means going in, updating out-of-date appliances, making all of the necessary repairs (both major and minor), and doing an overall kick-butt renovation to the home. You'll have to spend a bunch of money to improve the house -- but make sure that you can end up making enough of a profit to cover all of your expenses.

One final note -- not every distressed property is flip-worthy. Some homes simply won't sell for a profit, no matter how much work you put into them because of their style, location, age, etc. So, be sure to do your homework before you purchase a property in hopes of flipping it. If you get everything just right, in the end, your flipped home will soon have a "For Sale" sign in the yard -- just like on that television show!

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